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The best sacco to join
Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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Museveni wrote:are the ukulima sacco share sale adverts legal ? Yes. They planned for it for a year and went through the due process. Download the pdf to see the reasons stated among them is to be in line with sasra ratios; very much in order. Also it is for members only and given a 1year period to pay. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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radio wrote:simplicity wrote:We were just doing some Math with a buddy. Some statician please verify our numbers.
There are so many Sacco's offering 1% loan repayment interest Rates to their members but the fine print here is 1% per month on the loan.
The people taking the loan are made to believe that they are actually paying an interest rate of 1% compared to banks that charge 16+%.
When we did the math...the 1% translated to a whopping 12.68% P.A.
A SACCO like Kenya U.S.A Sacco is offering 8% if you take a USD loan up to 10 times your deposit.
Were we correct in our calculation or does the 1% that Sacco's promise actually translate to something else only "Smart Bankers" understand? Which bank in Kenya is giving lower than 12%? You did your math wrongly as the 1% per month comes to 6.50% and not 12....!!! The opposite of courage is not cowardice, it's conformity.
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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Stract_Consulting wrote:jerry wrote:popat wrote:@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing. GOODLIFE? Sounds suspect! They might not in the SASRA list because they are not licensed to carry out deposit taking business. 8% return per month for a SACCO is not sustainable. This is because the principal income of SACCOs is interest charged on loans and for most SACCOs this ranges between 1% to 1.5% per month. How is UNAITAS managing(8-9% dvd) or it's operating like a bank/MFI? The opposite of courage is not cowardice, it's conformity.
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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jerry wrote:Stract_Consulting wrote:jerry wrote:popat wrote:@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing. GOODLIFE? Sounds suspect! They might not in the SASRA list because they are not licensed to carry out deposit taking business. 8% return per month for a SACCO is not sustainable. This is because the principal income of SACCOs is interest charged on loans and for most SACCOs this ranges between 1% to 1.5% per month. How is UNAITAS managing(8-9% dvd) or it's operating like a bank/MFI? Unaitas is 8% p.a Mark 12:29
Deuteronomy 4:16
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Rank: Member Joined: 8/16/2012 Posts: 660
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Boris Boyka wrote:Museveni wrote:are the ukulima sacco share sale adverts legal ? Yes. They planned for it for a year and went through the due process. Download the pdf to see the reasons stated among them is to be in line with sasra ratios; very much in order. Also it is for members only and given a 1year period to pay. Missed the members only part. Thought it was targeted at the general public. But then again isn't it viable to contact members directly than these expensive tv adverts ? Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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Museveni wrote:Boris Boyka wrote:Museveni wrote:are the ukulima sacco share sale adverts legal ? Yes. They planned for it for a year and went through the due process. Download the pdf to see the reasons stated among them is to be in line with sasra ratios; very much in order. Also it is for members only and given a 1year period to pay. Missed the members only part. Thought it was targeted at the general public. But then again isn't it viable to contact members directly than these expensive tv adverts ? Members are infomed through branch meetings which barely a quarter of members attend those meetings. Going media way ensures nearly all members are informed and also serves as a way of advertising new members to join. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Member Joined: 5/8/2007 Posts: 709
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someone tell me, what happens incase a sacco collapses. Does Sasra compensate members.
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Rank: New-farer Joined: 6/3/2014 Posts: 58 Location: Nairobi
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faa wrote:someone tell me, what happens incase a sacco collapses. Does Sasra compensate members.
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Hi SASRA does not have funds to compensate SACCO members. In other words, while there is a deposit protection fund for depositors in the banks, there is none for SACCOs. However, note that SACCOs can individually take insurance to cover the deposit it holds for members and this is encouraged. Another thing to note also is that SASRA monitors SACCO's performance and incase it notes any financial difficulties, it will put the SACCO under receivership. Finally note that SASRA only monitors a small fraction of SACCOs which are only deposit taking SACCOs and are licensed by them. This stand at around 180 SACCOs out of the 5000 SACCOs registered under the ministry of Cooperatives. Be ignorant and ask a few questions - Peter Drucker
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Rank: Member Joined: 11/21/2006 Posts: 608 Location: Ruiru
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Stract_Consulting wrote:faa wrote:someone tell me, what happens incase a sacco collapses. Does Sasra compensate members.
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Hi SASRA does not have funds to compensate SACCO members. In other words, while there is a deposit protection fund for depositors in the banks, there is none for SACCOs. However, note that SACCOs can individually take insurance to cover the deposit it holds for members and this is encouraged. Another thing to note also is that SASRA monitors SACCO's performance and incase it notes any financial difficulties, it will put the SACCO under receivership. Finally note that SASRA only monitors a small fraction of SACCOs which are only deposit taking SACCOs and are licensed by them. This stand at around 180 SACCOs out of the 5000 SACCOs registered under the ministry of Cooperatives. The Deposit Guarantee Fund (The SACCO Societies Act of 2008) provides for the protection of members’ deposits up to an amount of Ksh 100k per member in the event of collapse. "..I am because we are. "― Ubuntu, Umtu,
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Rank: New-farer Joined: 6/3/2014 Posts: 58 Location: Nairobi
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GGK wrote:Stract_Consulting wrote:faa wrote:someone tell me, what happens incase a sacco collapses. Does Sasra compensate members.
?\
Hi SASRA does not have funds to compensate SACCO members. In other words, while there is a deposit protection fund for depositors in the banks, there is none for SACCOs. However, note that SACCOs can individually take insurance to cover the deposit it holds for members and this is encouraged. Another thing to note also is that SASRA monitors SACCO's performance and incase it notes any financial difficulties, it will put the SACCO under receivership. Finally note that SASRA only monitors a small fraction of SACCOs which are only deposit taking SACCOs and are licensed by them. This stand at around 180 SACCOs out of the 5000 SACCOs registered under the ministry of Cooperatives. The Deposit Guarantee Fund (The SACCO Societies Act of 2008) provides for the protection of members’ deposits up to an amount of Ksh 100k per member in the event of collapse. While the SACCO Societies Act of 2008 provides for the Deposit Guarantee Fund, this is yet to be operationalized by the Co-operative ministry. Be ignorant and ask a few questions - Peter Drucker
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Rank: Member Joined: 3/26/2012 Posts: 830
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Anyone in Kiambu county to tell me about Tai Sacco. It is the nearest sacco from my house and I am thinking about saving with them in order to access loans in future...any success/horror stories? http://taisacco.coop/ A successful man is not he who gets the best, it is he who makes the best from what he gets.
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Rank: Elder Joined: 8/4/2008 Posts: 2,849 Location: Rupi
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[quote=S.Mutaga III]Anyone in Kiambu county to tell me about Tai Sacco. It is the nearest sacco from my house and I am thinking about saving with them in order to access loans in future...any success/horror stories? http://taisacco.coop/[/quote] Also check if they are registered with SASRA. Lord, thank you!
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Rank: Member Joined: 3/26/2012 Posts: 830
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Euge wrote:[quote=S.Mutaga III]Anyone in Kiambu county to tell me about Tai Sacco. It is the nearest sacco from my house and I am thinking about saving with them in order to access loans in future...any success/horror stories? http://taisacco.coop/[/quote] Also check if they are registered with SASRA. Thank you. I had checked the website and just wanted information that could not be accessed online. Thank you boss. I however decided not to save with them. They offer loans of upto thrice your savings at 12% p.a STRAIGHT LINE...thats why I left their offices without another word.They mostly target bodaboda guys and farmers who cant tell the difference between straight line and reducing balance and those who are blinded by 12% figure. A successful man is not he who gets the best, it is he who makes the best from what he gets.
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Rank: Member Joined: 5/8/2007 Posts: 709
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Guys please assist and advise me on this issues
I exited a Sacco i was a member of over 2 months ago.
Unfornately the Sacco has refused to refund me back my savings for no particular reason.
What options can I use to have them refund the monies I had saved with them?
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Rank: Elder Joined: 5/21/2013 Posts: 2,841 Location: Here
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faa wrote:Guys please assist and advise me on this issues
I exited a Sacco i was a member of over 2 months ago.
Unfornately the Sacco has refused to refund me back my savings for no particular reason.
What options can I use to have them refund the monies I had saved with them?
SASRA. Life is like playing a violin solo in public and learning the instrument as one goes on.
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Rank: Member Joined: 5/8/2007 Posts: 709
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Rankaz13 wrote:faa wrote:Guys please assist and advise me on this issues
I exited a Sacco i was a member of over 2 months ago.
Unfornately the Sacco has refused to refund me back my savings for no particular reason.
What options can I use to have them refund the monies I had saved with them?
SASRA. Thanks,Do I have to visit SASRA offices or I write to them?
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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faa wrote:Rankaz13 wrote:faa wrote:Guys please assist and advise me on this issues
I exited a Sacco i was a member of over 2 months ago.
Unfornately the Sacco has refused to refund me back my savings for no particular reason.
What options can I use to have them refund the monies I had saved with them?
SASRA. Thanks,Do I have to visit SASRA offices or I write to them? @faa, before you go to SASRA, have a look at your former SACCO bylaws. They would normally indicate a timeline within which refunds are done - 3mths, 6mnths etc. This is to cover any guarantees made that may need to be cancelled etc etc. the good thing with a SACCO is you will finally get back your savings. "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Hello Joined: 8/7/2015 Posts: 2
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Rank: Member Joined: 9/14/2011 Posts: 834 Location: nairobi
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which sacco has been paying the highest cash dividends ?
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Rank: Member Joined: 9/14/2011 Posts: 834 Location: nairobi
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which sacco has been paying the highest cash dividends ?
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